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Strategies & Market Trends : Are you considering quitting your dayjob to daytrade?!
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To: SpongeBrain who wrote ()1/17/1999 11:29:00 AM
From: Bonnie Bear  Read Replies (2) of 611
 
spongebrain:
I've been looking at this phenomenon with great interest...
here's my humble observations...
1) there's much more money to be made trading bonds than stocks.
The big guys are driven by the bond market...and derivatives...
the casino stocks are a place to hide hot money until they can find a safe bond to park it in. Never forget this.
1.5) there's probably more money to be made buying at the bottom of a bear market then buying at the top of a bull market. The problem with buying at the bottom of a bear market is that it's scary because nobody has a job or money.
2) The folks who seem to successfully trade are retired from some other career and have a six-figure IRA that can be traded without tax consequences....they position-trade...they are very patient...
3) Seems like the traders I have met who did OK were people who had enough money saved/earned/inherited to live on, no family and no expenses..or a pension from somewhere... these are people who live on $1000 a month, not 10K a month, the saving goes in the trading kitty.
4)they have superb money-management skills and have good sense when to cut losses...they also had spent a lot of time learning both FA and TA.
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